FLEETCOR Announces Increase in Share Repurchase Program and Entry into $250 Million ASR Program
August 03 2017 - 4:04PM
Business Wire
FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global
provider of commercial payment solutions , announced today that its
board of directors has authorized an increase in the size of the
Company’s previously announced share repurchase program by an
additional $250 million and an extension of the program by an
additional 18 months. With the increase, and giving effect to the
Company’s $240 million of previous repurchases, the Company may
repurchase up to $510 million in shares of its common stock at any
time prior to February 1, 2019.
FLEETCOR also announced that as part of this repurchase program
it has entered into an Accelerated Share Repurchase (“ASR”) program
with Bank of America, N.A. to repurchase $250 million of common
stock. The Company expects to fund the repurchase with a
combination of debt and cash. Approximately 85 percent of the
shares expected to be repurchased under the transaction will be
received by FLEETCOR on August 8, 2017. The total number of shares
ultimately repurchased under the program will be determined upon
final settlement and will be based on a discount to the
volume-weighted average price of FLEETCOR’s common stock during the
ASR period. FLEETCOR anticipates that all repurchases under the ASR
will be completed by the end of the third quarter of 2017.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements that are not
historical facts, including statements about FLEETCOR’s beliefs,
expectations and future performance, are forward-looking
statements. Forward-looking statements can be identified by the use
of words such as “anticipate,” “intend,” “believe,” “estimate,”
“plan,” “seek,” “project,” “expect,” “may,” “will,” “would,”
“could” or “should,” the negative of these terms or other
comparable terminology. Examples of forward-looking statements in
this press release include statements relating to the expected size
and timeframe of FLEETCOR’s stock repurchase program and ASR
program. These forward-looking statements are subject to a number
of risks and uncertainties that could cause actual results to
differ materially from those contained in any forward-looking
statement, such as delays or failures associated with
implementation of the share repurchase program; the ability to
complete the ASR program; fuel price and spread volatility; the
impact of foreign exchange rates on operations, revenue and income;
the effects of general economic conditions on fueling patterns and
the commercial activity of fleets; changes in credit risk of
customers and associated losses; the actions of regulators relating
to payment cards or resulting from investigations; failure to
maintain or renew key business relationships; failure to maintain
competitive offerings; failure to maintain or renew sources of
financing; failure to complete, or delays in completing,
anticipated new customer arrangements or acquisitions and the
failure to successfully integrate or otherwise achieve anticipated
benefits from such customer arrangements or acquired businesses;
failure to successfully expand business internationally; risks
related to litigation; the effects of general economic conditions
on fueling patterns and the commercial activity of fleets, as well
as the other risks and uncertainties identified under the caption
“Risk Factors” in FLEETCOR’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2017, filed with the Securities and Exchange
Commission on August 3, 2017 and its Annual Report on Form 10-K for
the year ended December 31, 2016, filed with the Securities and
Exchange Commission on March 1, 2017. FLEETCOR believes these
forward-looking statements are reasonable; however, forward-looking
statements are not a guarantee of performance, and undue reliance
should not be placed on such statements. The forward-looking
statements included in this press release are made only as of the
date hereof, and FLEETCOR does not undertake, and specifically
disclaims, any obligation to update any such statements or to
publicly announce the results of any revisions to any of such
statements to reflect future events or developments.
About FLEETCOR
FLEETCOR Technologies (NYSE:FLT) is a leading global provider of
commercial payment solutions. The company helps businesses of all
sizes better control, simplify and secure payment of their fuel,
toll, lodging and other general payables. With its
proprietary payment acceptance networks, FLEETCOR provides
affiliated merchants with incremental sales and loyalty.
FLEETCOR serves businesses, partners and merchants in North
America, Latin America, Europe, and Australasia. For more
information, please visit www.FLEETCOR.com.
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FLEETCOR Technologies, Inc.Investor Relations(770)
729-2017investor@fleetcor.com
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